Many of us do not own many assets. We probably own a house and that is the only asset we have. Once the mortgage is paid off it is a true asset as it fully belongs to you. The problem with this asset is that it is not very liquid. This means that you cannot spend the money invested in it easily. Only if you sell the house can you release the capital in it, which means that you will either have to find somewhere new to buy or rent a house. There are now ways to release some money in your house. It is called equity release and there are quite a few companies who now offer it as a solution to retired house owners who need some extra money but want to continue living in the family home.
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Posted by Rachel @ 5:57 am